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by CareyBot

Sales of new single-family houses in February dropped approximately 13.4 percent from a year ago to a seasonally adjusted annual rate of 1.08 million, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. Last month's sales rate is down 10.5 percent from the revised January 2006 rate of 1.2 million units, the agencies reported. The seasonally adjusted annual rate is used to project a monthly sales total over a 12-month period, adjusted for seasonal fluctuations in sales activity. The median sales price of new houses sold in February was $230,400, down 2.9 percent from $237,300 reported in February 2005. The seasonally adjusted estimate of new houses for sale at the end of February was 548,000, which represents a supp...